Money management is one subject we need to master in life as we progress towards better and bigger goals. As we grow older, different responsibilities come to us and we need to rake care of those things. Whether, buying a new house, car or looking after our parents, family, and kids’ education or in worse case some unfortunate incidents, money management plays a crucial role in all these situations. We are not always taught to master money management. Few tricks, we learn on our own as we face real situations. Experiences make you wiser but why to wait for such experiences in case of your children.
What we learned late can be instilled in our kids at an early age. So often we are generous with our children and give them what they need and what they want. But that situation is far from ideal. Kids are needed to be taught value of money. Who better than you parents to teach such important thing? You can start by giving them a certain budget and ensuring that they manage with that. You can also teach them how to handle money. Other things that can be taught are teaching them about balancing a cheque book. Talk to them about vices of overspending and how it might affect their basic needs.
Parents can also arrange for few money games between children and give prize to one who best saves and manages the money. Parents are definitely the best ones to teach this basic thing of money management. Go for it and contribute in development of your child.
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